SEBI has posted a circular (MRD/DoP/Dep/SE/Cir-13/06, Sep 26 2006) that makes a PAN card mandatory, from Jan 1, 2007, for all customers who buy or sell stocks in Indian Stock Exchange. In addition, the PAN card must be verified by the brokers visually - so they need to see the original PAN card, and you need to provide them with a copy.
Now even if you don't trade regularly it is necessary for you to go to your broker's office and provide them with a copy of your PAN card. This applies to online trading accounts as well.
Failing to do so means you will not be allowed to trade, and your account may be frozen post Jan 1, 2007. Please do this promptly and enjoy the holidays!
No related posts.
This entry was posted on Thursday, December 21st, 2006 at 9:32 AM and is filed under Uncategorized.
You can subscribe to any comments to this entry via RSS 2.0.
You can leave a response, or trackback from your own site.
>Thanks for that piece of info. Now i understand, why ICICI telemarketers have been calling me up and asking for – PAN copy, add proof etc. again. I already have ICICI DIRECT account. The reason cited by them for asking PAN and other docs again was that – “sirjee, all docs have been destroyed in mumbai floods”. Why cant ICICI come in open and ask for all such docs?
12.21.06 at 9:54 AM
>Hey Anonymous,
The ICICI guys are telling the truth. Several thousand forms were destroyed a few months back in the Mumbai floods. (I know this because I am a stock sub-broker with ICICI Direct and I had one big headache doing all this for my clients :-(
The PAN Card issue is a separate issue.
Best wishes & riches,
Musa.
12.21.06 at 1:50 PM
>Nice site! Do you know of any report sites like http://deadpresident.blogspot.com ?
Thanks,
Vinit
12.24.06 at 8:24 PM